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Banks are changing their ways of working.
If your current bank client liaison manager is changed to a new Business Support Manager then the relationship with your bank has changedYou need to manage the hand over from the client relation manager to the new Business Support Manager as this will be a similar process to moving to a new bank.
The Business Support Manager is NOT there to help your business but to ensure that their investment in your company is safe. These managers have smaller portfolios so that they can monitor your performance more closely.
The new Business Support Manager will require increased reporting and probably at shorter time scale.
They will also look to shorten the funding cycles. So where your overdraft was agreed every two years it may well only be authorised every three months.
As they have fewer clients per manager their bank charges will be higher to pay for them.
If this happens you need to have a Finance Professional who can help you … [Read more...]